Zambia is set to default on its external debt when the copper producing nation misses $118 million in interest payments on Eurobonds due from October 14 to March 2021. The Southern African country is banking on a comprehensive debt restructuring plan but without help from its largest creditor, China, as well as a substantial macroeconomic…
Vice President Yemi Osinbajo has denied Nigeria will issue Eurobonds due to their hefty expenses and instead look for alternative ways to raise funds to support the economy as it battles a looming recession. In a news conference, Osinbajo said, “We are not likely going to explore again the Eurobond market because we are trying…
South African state owned defence company, Denel, has requested for $231 million bail out from the National Treasury over the next three years. Denel manufactures military equipment for South Africa’s armed forces, and has been embroiled in a financial crisis made worse by the ongoing coronavirus pandemic. The firm has struggled to pay salaries of…
South Sudan will change the country’s currency, in a move the government says is aimed at improving its beleaguered economy. Information Minister Michael Makuei Lueth broke the news at a press conference in the capital Juba, following a cabinet meeting that approved the change. “The cabinet has decided that the current currency should be changed….This…
Private sectors activity in Africa’s most industrialized nation, South Africa, declined at a slower rate in the month of September as the government relaxed strict lockdown measures imposed to stem the spread of the novel coronavirus. The IHS Markit Purchasing Managers’ Index (PMI) climbed to 49.4 in September from 45.3 in the previous month, illustrating…
They’ve been here before. Nothing has changed. On September 25, an announcement was made in Togo that would, in any other country, send shockwaves both within and outside. The Prime Minister Selom Klassou and his government tendered their resignation, paving the way for a new team to take over. Then another announcement came on September…
In his fourth trip as head of state, Malawian President Lazarus Chakwera chose to travel to neighboring Tanzania and boost trade ties as he embarks on sweeping changes aimed at lifting the economy. For years, Malawi and Tanzania have been major trading partners, though relations between the two nations are not rosy. A border dispute…
British American Tobacco Kenya wrongly received a license from regulators to sell LYFT nicotine pouches, Kenya’s health minister Mutahi Kagwe says. In a letter to Kenya Pharmacy and Poisons Board, Mutahi Kagwe accused the regulator of violating several provisions of the country’s laws when it licensed LYFT. BAT Kenya, which is part of British American…
TheWorld Bank has announced that sub-Saharan African economies will contract by3.5% in 2020 owing to the coronavirus crisis. Thepandemic could also reverse recent economic gains and push 40 million people inthe continent into extreme poverty. Thismarks the region’s first economic recession in 25 years. Accordingto the World Bank, economic growth in the region will recover…
The World Bank has announced that sub-Saharan African economies will contract by 3.5% in 2020 owing to the coronavirus crisis. The pandemic could also reverse recent economic gains and push 40 million people in the continent into extreme poverty. This marks the region’s first economic recession in 25 years. According to the World Bank, economic…
Ethiopian Airlines have offered operational aid to rival South African Airways (SAA) which includes planes, pilots and maintenance. The goodwill gesture that was announced by the CEO Tewolde GebreMariam, is however not enough for SAA. South African Airways, the national carrier of Africa’s most industrialized nation, requires a cash injection of $600 million to get…
Tanzania has launched a new umbrella organization that will bring together startups operating in the country. The body will be called Tanzania Startup Association (TSA), and its main target is to create a collective network of entrepreneurs and startup founders in Tanzania. Tanzania Startup Association was founded by long time successful entrepreneur Zahoro Muhaji. Muhaji…
The Republic of Congo’s government has announced that the economy will grow by 0.5% in 2021 after a contraction of 8.6% in 2020. The positive economic outlook is driven by renewed optimism for oil futures, as revenues are projected to rise 21% to 1,846.1 billion CFA francs ($3.32 billion), up from 1,525.3 billion CFA francs…
The Ghanaian government has pulled back the $500 million listing of its gold royalty fund Agyapa Royalties in London, as concerns mount over transparency and accountability. The main opposition party, National Democratic Congress, has raised fears that the funds would be misappropriated while questioning the listing process. Other civil society groups and independent economists have…
Chevron’s Nigerian subsidiary has announced that it will slash its local workforce by 25% in order to offset costs and minimize losses. The oil firm has been operating a joint venture with Nigeria’s state-owned Nigerian National Petroleum Company (NNPC) for decades, but this year has been the toughest financially owing to the weak demand for…
Kenya’s private sector activity rose by the fastest rate in 29 months in September according to a report released by the Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI). PMI jumped to 56.3 in September from 53.0 in the previous month, driven by an increase in firms resuming operations after President Uhuru Kenyatta eased some…
Zambia Chamber of Mines has asked the government to reform its taxation policies and treat mineral royalty payments as a deductible expense, in order to eliminate double taxations and spur investment in the sector. Since Parliament passed new tax regulations in 2019, mineral royalty payments have not been treated as a deductible expense when calculating…
External trade data from Mali’s statistics agency reveals that the country’s gold exports rose 6.5% to 65.6 tonnes in 2019 compared with the previous financial year. The Statistics agency delayed release of the data owing to the coronavirus pandemic that has grinded the Malian economy to a halt and led to refocusing of policy, and…
Uganda will finance projects to construct over 200 kilometers of road in its eastern neighbor –DR Congo, so as to boost trade between the two nations. The Democratic Republic of Congo is one of the poorest countries in the world, despite possessing unmatched size and wealth of natural resources. Decades of corruption, mismanagement, and conflict…
Cocoa production in Ivory Coast will drop by 60,000 tonnes from last year’s production levels in a move that is set to shake up the global markets. Experts and traders believed that an increase in cocoa production would have an effect in lowering market prices resulting to reduced much-needed revenues for the government in Yamusukro….